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GDP grows at solid 3.8 percent pace in final quarter of 2004

Wednesday, March 30, 2005 | 9:02 a.m.

WASHINGTON -- The economy -- supported by solid business and consumer spending -- grew in the closing three months of 2004 at an annual rate of 3.8 percent. It's expected to perform even better in the opening quarter of this year.

The reading on the gross domestic product, released by the Commerce Department today, turned out to be the same as a previous estimate made a month ago.

Before today's report was issued, some economists were forecasting economic growth for the October-to-December quarter of 2004 to be revised slightly higher to a pace of 4 percent. That would have matched the economy's growth rate in the third quarter of last year.

GDP, the broadest gauge of the economy's fitness, measures the value of all goods and services produced within the United States.

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